Multifamily

Raising the capital gains tax and code changes could have more of an impact on the public debt market than rising interest rates, according to a panelist at the Urban Land Institute's Spring event.

Rents are soaring in many U.S. cities as the economy rebounds, squeezing the budgets of tenants who also face increased risk of eviction after courts overturned a pandemic-era ban from the Center for Disease Control.

Short-term late payment rates rose again and later stage delinquencies remain at elevated levels compared to those prior to the pandemic, the Mortgage Bankers Association said.

While the government passed sweeping measures last year to prevent mass homelessness among renters, there was no targeted help for mom-and-pop property owners who provide much of America’s affordable housing.

At first the deal seemed an unlikely marriage of two mortgage-heavy companies. But acquiring the Michigan company would help New York Community accomplish its two chief goals — reducing deposit costs and its concentration of multifamily loans — while giving it the scale to pursue more deals.

However, the number of borrowers who failed to remit payment but were not yet 30 days overdue increased.

About 3.4 million renters believe themselves to be at risk of eviction, but when the moratorium ends, the actual number may be between 130,000 and 660,000, according to a Zillow report published Monday.

New assistance for renters may help but past efforts, while necessary, failed to get relief to renters in an expedient way, said David Brickman, who is now the head of a new agency lending platform backed by Barings and Meridian Capital.

The agency will allow an additional three months of forbearance for multifamily property loans backed by Fannie Mae and Freddie Mac, as long as tenant protections are offered.

Redfin expects the FTC to be more open to its proposal to buy RentPath than it was to CoStar’s earlier offer, Chief Financial Officer Chris Nielsen said.